GeoPark Announces Plan Ahead for New Environment and Revisions in 2020 Work Program

Bogota, Colombia – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador today announces its business approach for the new oil price scenarios and current revisions to its 2020 work program.

2020 STRATEGY AND OUTLOOK

GeoPark begins 2020 from a strong financial position, which includes cash in hand of $168.5 million¹ , $168 million of uncommitted credit lines and a long-term financial debt profile with no principal payments until 2024.

GeoPark builds its work programs every year with a flexibility that allows it to quickly adjust to any oil price or macroeconomic changes. With the recent oil price decline, GeoPark immediately reverted to a reduced program. Due to the severity of the current oil price outlook, additional adjustments have been made both to capital investment plans and operating and administrative costs – with continuous monitoring to adjust further if necessary.

Specifically, GeoPark’s program and strategy are guided by the following principles and priorities:

• Keep Team Healthy: Protect workforce and families from the pandemic and its interruptions
• Continuity of Field Operations: Ensure backup plans and teams in place to guarantee continuity of operations and business
• Preserve Cash: Adjust the work program to maintain flexibility and balance sheet strength
• Capital Allocation Discipline: Prioritize lower-risk, higher netback, and quick cash flow generating projects
• Do More for Less: Implement operating, G&A and capital cost reduction measures
• Stay Agile: Continuous monitoring of work programs and adjustment – up or down – as necessary
• Build for the Long-Term: Protect critical tools and capabilities necessary for the long-term

Examples of the ongoing cost-cutting initiatives already implemented and providing results include:

• Renegotiation of all service contracts, as well as any other type of contract
• Improvements in operational efficiency
• Temporary suspension of certain marginal fields
• Overall reduction of G&A and structure costs, starting with a voluntary salary and bonus reduction byGeoPark’s management team and Board of Directors, as well as general renegotiation of fees and expenses
• Temporary suspension of quarterly cash dividends (following upcoming payment on April 8) and sharebuybacksAdditional cost reductions are expected from reduced government royalties and a general depreciation of Latin American currencies, positively impacting GeoPark’s operating and G&A costs.

→ Read the full press release.

¹ March 16, 2020 (unaudited).